wealbk02-第8章

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greater　part　of　its　debtors　beyond　what　its　own　books　afford　it。

In　requiring　frequent　and　regular　repayments　from　all　their

customers；　the　banking　companies　of　Scotland　had　probably　this

advantage　in　view。

　　　　　Secondly；　by　this　attention　they　secured　themselves　from　the

possibility　of　issuing　more　paper　money　than　what　the　circulation

of　the　country　could　easily　absorb　and　employ。　When　they　observed

that　within　moderate　periods　of　time　the　repayments　of　a

particular　customer　were　upon　most　occasions　fully　equal　to　the

advances　which　they　had　made　to　him；　they　might　be　assured　that

the　paper　money　which　they　had　advanced　to　him　had　not　at　any

time　exceeded　the　quantity　of　gold　and　silver　which　he　would

otherwise　have　been　obliged　to　keep　by　him　for　answering

occasional　demands；　and　that；　consequently；　the　paper　money；

which　they　had　circulated　by　his　means；　had　not　at　any　time

exceeded　the　quantity　of　gold　and　silver　which　would　have

circulated　in　the　country　had　there　been　no　paper　money。　The

frequency；　regularity；　and　amount　of　his　repayments　would

sufficiently　demonstrate　that　the　amount　of　their　advances　had　at

no　time　exceeded　that　part　of　his　capital　which　he　would

otherwise　have　been　obliged　to　keep　by　him　unemployed　and　in

ready　money　for　answering　occasional　demands；　that　is；　for　the

purpose　of　keeping　the　rest　of　his　capital　in　constant

employment。　It　is　this　part　of　his　capital　only　which；　within

moderate　periods　of　time；　is　continually　returning　to　every

dealer　in　the　shape　of　money；　whether　paper　or　coin；　and

continually　going　from　him　in　the　same　shape。　If　the　advances　of

the　bank　had　commonly　exceeded　this　part　of　his　capital；　the

ordinary　amount　of　his　repayments　could　not；　within　moderate

periods　of　time；　have　equalled　the　ordinary　amount　of　its

advances。　The　stream　which；　by　means　of　his　dealings；　was

continually　running　into　the　coffers　of　the　bank；　could　not　have

been　equal　to　the　stream　which；　by　means　of　the　same　dealings；

was　continually　running　out。　The　advances　of　the　bank　paper；　by

exceeding　the　quantity　of　gold　and　silver　which；　had　there　been

no　such　advances；　he　would　have　been　obliged　to　keep　by　him　for

answering　occasional　demands；　might　soon　come　to　exceed　the　whole

quantity　of　gold　and　silver　which　（the　commerce　being　supposed

the　same）　would　have　circulated　in　the　country　had　there　been　no

paper　money；　and　consequently　to　exceed　the　quantity　which　the

circulation　of　the　country　could　easily　absorb　and　employ；　and

the　excess　of　this　paper　money　would　immediately　have　returned

upon　the　bank　in　order　to　be　exchanged　for　gold　and　silver。　This

second　advantage；　though　equally　real；　was　not　perhaps　so　well

understood　by　all　the　different　banking　companies　of　Scotland　as

the　first。

　　　　　When；　partly　by　the　conveniency　of　discounting　bills；　and

partly　by　that　of　cash　accounts；　the　creditable　traders　of　any

country　can　be　dispensed　from　the　necessity　of　keeping　any　part

of　their　stock　by　them　unemployed　and　in　ready　money　for

answering　occasional　demands；　they　can　reasonably　expect　no

farther　assistance　from　banks　and　bankers；　who；　when　they　have

gone　thus　far；　cannot；　consistently　with　their　own　interest　and

safety；　go　farther。　A　bank　cannot；　consistently　with　its　own

interest；　advance　to　a　trader　the　whole　or　even　the　greater　part

of　the　circulating　capital　with　which　he　trades；　because；　though

that　capital　is　continually　returning　to　him　in　the　shape　of

money；　and　going　from　him　in　the　same　shape；　yet　the　whole　of　the

returns　is　too　distant　from　the　whole　of　the　outgoings；　and　the

sum　of　his　repayments　could　not　equal　the　sum　of　its　advances

within　such　moderate　periods　of　time　as　suit　the　conveniency　of　a

bank。　Still　less；　could　a　bank　afford　to　advance　him　any

considerable　part　of　his　fixed　capital；　of　the　capital　which　the

undertaker　of　an　iron　forge；　for　example；　employs　in　erecting　his

forge　and　smelting…house；　his　workhouses　and　warehouses；　the

dwelling…houses　of　his　workmen；　etc。；　of　the　capital　which　the

undertaker　of　a　mine　employs　in　sinking　his　shafts；　in　erecting

engines　for　drawing　out　the　water；　in　making　roads　and

waggon…ways；　etc。；　of　the　capital　which　the　person　who　undertakes

to　improve　land　employs　in　clearing；　draining；　enclosing；

manuring；　and　ploughing　waste　and　uncultivated　fields；　in

building　farm…houses；　with　all　their　necessary　appendages　of

stables；　granaries；　etc。　The　returns　of　the　fixed　capital　are　in

almost　all　cases　much　slower　than　those　of　the　circulating

capital；　and　such　expenses；　even　when　laid　out　with　the　greatest

prudence　and　judgment；　very　seldom　return　to　the　undertaker　till

after　a　period　of　many　years；　a　period　by　far　too　distant　to　suit

the　conveniency　of　a　bank。　Traders　and　other　undertakers　may；　no

doubt；　with　great　propriety；　carry　on　a　very　considerable　part　of

their　projects　with　borrowed　money。　In　justice　to　their

creditors；　however；　their　own　capital　ought；　in　this　case；　to　be

sufficient　to　ensure；　if　I　may　say　so；　the　capital　of　those

creditors；　or　to　render　it　extremely　improbable　that　those

creditors　should　incur　any　loss；　even　though　the　success　of　the

project　should　fall　very　much　short　of　the　expectation　of　the

projectors。　Even　with　this　precaution　too；　the　money　which　is

borrowed；　and　which　it　is　meant　should　not　be　repaid　till　after　a

period　of　several　years；　ought　not　to　be　borrowed　of　a　bank；　but

ought　to　be　borrowed　upon　bond　or　mortgage　of　such　private　people

as　propose　to　live　upon　the　interest　of　their　money　without

taking　the　trouble　themselves　to　employ　the　capital；　and　who　are

upon　that　account　willing　to　lend　that　capital　to　such　people　of

good　credit　as　are　likely　to　keep　it　for　several　years。　A　bank；

indeed；　which　lends　its　money　without　the　expense　of　stamped

paper；　or　of　attorneys'　fees　for　drawing　bonds　and　mortgages；　and

which　accepts　of　repayment　upon　the　easy　terms　of　the　banking

companies　of　Scotland；　would；　no　doubt；　be　a　very　convenient

creditor　to　such　traders　and　undertakers。　But　such　traders　and

undertakers　would；　surely；　be　most　inconvenient　debtors　to　such　a

bank。

　　　　　It　is　now　more　than　five…and…twenty　years　since　the　paper

money　issued　by　the　different　banking　companies　of　Scotland　was

fully　equal；　or　rather　was　somewhat　more　than　fully　equal；　to

what　the　circulation　of　the　country　could　easily　absorb　and

employ。　Those　companies；　therefore；　had　so　long　ago　given　all　the

assistance　to　the　traders　and　other　undertakers　of　Scotland　which

it　is　possible　for　banks　and　bankers；　consistently　with　their　own

interest；　to　give。　They　had　even　done　somewhat　more。　They　had

overtraded　a　little；　and　had　brought　upon　themselves　that　loss；

or　at　least　that　diminution　of　profit；　which　in　this　particular

business　never　fails　to　attend　the　smallest　degree　of

overtrading。　Those　traders　and　other　undertakers；　having　got　so

much　assistance　from　banks　and　bankers；　wished　to　get　still　more。

The　banks；　they　seem　to　have　thought；　could　extend　their　credits

to　whatever　sum　might　be　wanted；　without　incurring　any　other

expense　besides　that　of　a　few　reams　of　paper。　They　complained　of

the　contracted　views　and　dastardly　spirit　of　the　directors　of

those　banks；　which　did　not；　they　said；　extend　their　credits　in

proportion　to　the　extension　of　the　trade　of　the　country；　meaning；

no　doubt；　by　the　extension　of　that　trade　the　extension　of　their

own　projects　beyond　what　they　could　carry　on；　either　with　their

own　capital；　or　with　what　they　had　credit　to　borrow　of　private

people　in　the　usual　way　of　bond　or　mortgage。　The　banks；　they　seem

to　have　thought；　were　in　honour　bound　to　supply　the　deficiency；

and　to　provide　them　with　all　the　capital　which　they　wanted　to

trade　with。　The　banks；　however；　were　of　a　different　opinion；　and

upon　their　refusing　to　extend　their　credits；　some　of　those

traders　had　recourse　to　an　expedient　which；　for　a　time；　served

their　purpose；　though　at　a　much　greater　expense；　yet　as

effectually　as　the　utmost　extension　of　bank　credits　could　have

done。　This　expedient　was　no　other　than　the　well…known　shift　of

drawing　and　redrawing；　the　shift　to　which　unfortunate　traders

have　sometimes　recourse　when　they　are　upon　the　brink　of

bankruptcy。　The　practice　of　raising　money　in　this　manner　had　been

long　known　in　England；　and　during　the　course　of　the　late　war；

when　the　high　profits　of　trade　afforded　a　great　temptation　to

overtrading；　is　said　to　have　carried　on　to　a　very　great　extent。

From　England　it　was　brought　into　Scotland；　where；　in　proportion

to　the　very　limited　commerce；　and　to　the　very　moderate　capital　of

the　country；　it　was　soon　carried　on　to　a　much　greater　extent　than

it　ever　had　been　in　England。

　　　　　The　practice　of　drawing　and　redrawing　is　so　well　known　to

all　men　of　business　that　it　may　perhaps　be　thought　unnecessary　to

give　an　account　of　it。　But　as　this　book　may　come　into　the　hands

of　many　people　who　are　not　men　of　business；　and　as　the　effects　of

this　practice　upon　the　banking　trade　are　not　perhaps　generally

understood　even　by　men　of　business　themselves；　I　shall　endeavour

to　explain　it　as　distinctly　as　I　can。

　　　　　The　customs　of　merchants；　which　were　established　when　the

barbarous　laws　of　Europe　did　not　enforce　the　performance　of　their

contracts；　and　which　during　the　course　of　the　two　last　centuries

have　been　adopted　into　the　laws　of　all　European　nations；　have

given　such　extraordinary　privileges　to　bills　of　exchange　that

money　is　more　readily　advanced　upon　them　than　upon　any　other

species　of　obligation；　especially　when　they　are　made　payable

within　so　short　a　period　as　two　or　three　months　after　their　date。

If；　when　the　bill　becomes　due；　the　acceptor　does　not　pay　it　as

soon　as　it　is　presented；　he　becomes　from　that　moment　a　bankrupt。

The　bill　is　protested；　and　returns　upon　the　drawer；　who；　if　he

does　not　immediately　pay　it；　becomes　likewise　a　bankrupt。　If；

before　it　came　to　the　person　who　presents　it　to　the　acceptor　for

payment；　it　had　passed　through　the　hands　of　several　other

persons；　who　had　successively　advanced　to　one　another　the

contents　of　it　either　in　money　or　goods；　and　who　to　express　that

each　of　them　had　in　his　turn　received　those　contents；　had　all　of

them　in　their　order　endorsed；　that　is；　written　their　names　upon

the　back　of　the　bill；　each　endorser　becomes　in　his　turn　liable　to

the　owner　of　the　bill　for　those　contents；　and；　if　he　fails　to

pay；　he　becomes　too　from　that　moment　a　bankrupt。　Though　the

drawer；　acceptor；　and　endorsers　of　the　bill　should；　all　of　them；

be　persons　of　doubtful　credit；　yet　still　the　shortness　of　the

date　gives　some　security　to　the　owner　of　the　bill。　Though　all　of

them　may　be　very　likely　to　become　bankrupts；　it　is　a　chance　if

they　all　become　so　in　so　short　a　time。　The　house　is　crazy；　says　a

weary　traveller　to　himself；　and　will　not　stand　very　long；　but　it

is　a　chance　if　it　falls　to…night；　and　I　will　venture；　therefore；

to　sleep　in　it　to…night。

　　　　　The　trader　A　in　Edinburgh；　we　shall　suppose；　draws　a　bill

upon　B　in　London；　payable　two　months　after　date。　In　reality　B　in

London　owes